Choosing an Accountant that works for you – All accountants basically compete with all other accountants, yet we all do pretty well regardless of the number of accountants there are. Part of the reason is that we do a reasonably good job of applying our knowledge and experience to provide value to our clients.
Category Archives: Consulting
5 Common Tax Mistakes Made by Business Owners
Can you be sure that you’re not making tax planning mistakes for your business? As an entrepreneur, too often you have to wear many if not all the hats and juggle many if not every ball. Which is why it’s not surprising so many entrepreneurs regularly put their tax planning on the back burner. ThisContinue reading “5 Common Tax Mistakes Made by Business Owners”
Recession Fears
Recession worries have deepened as the economy posts two consecutive quarters of declining gross domestic product numbers. We advise our clients to pay attention to what happened during previous economic downturns, but also keep in mind how this one could be different…if it does happen. While we can all learn lessons from previous economic cycles,Continue reading “Recession Fears”
IRS Balance-Due Notices
Although the IRS paused some of its compliance and collection notices in 2022, don’t get too comfortable as the IRS can’t suppress about 9 million notices that are dispersed every year. The IRS announced that many balance-due reminder notices would be suppressed until the IRS catches up on processing paper returns, correspondence, and other back-loggedContinue reading “IRS Balance-Due Notices”
A Guide to a Successful Financial Audit for Businesses
The financial audit planning process requires careful bookkeeping and good organization. Auditors typically evaluate a business’s bookkeeping and gather supporting documents that will back the journal entries. On occasion an auditor may even conduct a physical procedure like visiting a facility. If your company doesn’t follow the rules, you may end up with penalties toContinue reading “A Guide to a Successful Financial Audit for Businesses”
Major Differences Between In House Audits and External Audits
While in house and external audit functions are complementary and may need to work closely together, their purposes and areas of focus are different. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance. Purpose- An in house audit analyzes and improvesContinue reading “Major Differences Between In House Audits and External Audits”
Expense Fraud- Where, Who, What?
Expense fraud refers to abusing expense reports to use funds for non-authorized purposes. Where is Expense Fraud Most Frequently Spotted? Not all fraud is external fraud, employees often have access to the tools and systems that make it easier for them to commit fraud and cover their tracks. In fact, the Association of Certified FraudContinue reading “Expense Fraud- Where, Who, What?”
Accountants Can Do What?
Accountants can really do so many things, and some of these things people do not realize they can help with. Accounting is more than just staring at numbers all day and making sure things add up right. Accounting is a blend of analysis, problem solving, and even detective work. So what areas can accountants helpContinue reading “Accountants Can Do What?”
General Ledger VS General Journal
A double-entry system that uses both a general ledger and a general journal is the best method for checking overall statistics and keeping things running smoothly…and profitably. However, to understand how a double-entry accounting system works it is first important to understand the different functions associated with the general ledger and the general journal whenContinue reading “General Ledger VS General Journal”
Payment App Regulations & Taxpayers
Beginning January 1, 2022 the new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has led to some confusion for app users, however; this should help you understand how it may (or may not) affect your taxes next year. Prior to this year, payment platformsContinue reading “Payment App Regulations & Taxpayers”
TK Accounting & Consulting 